Yes, you can! In fact it’s gotten to be big business! Many people who purchased a car during difficult times and found that they were saddled with double digit interest rates have been able to save money every month by refinancing their high interest car loan. Many major banks are actively soliciting refinance my car loan business but there are a few caveats. While some outlets are claiming that they offer poor credit refinances they are often just offering small interest rate reductions with loan extensions. Yes, this will lower your payment but in the end the total cost is higher.

However, if your credit score has improved, you own a vehicle from the past 5 model years (some will take 7), owe less than it’s worth and have no late payments for at least the last 6 months and only once in the last 12, you may be a prime candidate.  Where do you start, begin with a current credit report, check it for accuracy and begin the process to make corrections. Check the value of your car, there are a number of websites which will help you figure out the current value of your car. Check with your current lender and get the pay-off figure, it’s usually not the same as the number of payments time the amount you pay. If you’re not in default and everything else checks out you’re ready to look for a lender.

Your current lien holder isn’t going to offer you a reduction for obvious reasons, but there are a number of internet sites including this one who will be happy to help! A simple easy application on a secure website starts the process. What you are doing is trading one loan agreement for another. The whole process can take less than a week to complete and you can start saving right away. In fact, you may even get the benefit of a month with no car payment. At the we will be happy to assist you through the process and find you a lender who will help to get you out of that high interest refinancing auto loan and into one that will not only save you money every month but over the life of the loan as well!